Is Dogecoin Poised For Another Pump? Investors Also Seeking Newer Memecoins

Dogecoin, the biggest memecoin in the world, has become a hot topic of conversation across social media channels, with many speculating about major updates and price movements for the project in the coming months.

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While there is a huge market on the lookout for newer, high-potential memecoins, the sudden increase in Dogecoin’s popularity has put investors at an impasse regarding whether to invest in DOGE or other projects.

Developments Slow Despite Trending Status

Dogecoin is currently among the trending topics of discussion on social media platforms like X, which is not surprising given that it has been on the list multiple times over the past years. However, while there has been a resurgence of posts and stories about the project and its potential movements, there have been no notable announcements or developments from the project itself.

The official Dogecoin channel hasn’t posted in several weeks, nor has there been news about any major associations that could prove beneficial for the project in the coming days.

At the moment, it is unclear why the popularity and demand for DOGE have risen once again, but the community speculates that it could be due to a recent development in Dubai.

On August 15th, the Dubai Court of First Instance affirmed the legality of crypto payments for salaries under employment contracts in a landmark ruling. It recognized crypto as a valid form of remuneration, which the community believes could set a precedent encouraging broader adoption of digital currencies in various sectors.

https://x.com/TheBitLeroy/status/1824772421775499585

Given its status as the people’s crypto, many think this could be bullish news for the memecoin. Posts and stories of the project’s mascot being featured on the famed Burj Khalifa building at night were circulated by the project’s enthusiasts, further solidifying the bullish sentiment in the space.

Dogecoin Price And Speculated Movement

Dogecoin’s price has enjoyed a decent increase in value over the first two quarters of 2024, rising from the $0.08 levels to more than $0.22 in March. However, the project wasn’t able to sustain this value and corrected since, now trading at the $0.1 range once again. In May, Kobusu, the dog that inspired the Dogecoin project, passed away, which surprisingly had an actual effect on the price of Dogecoin. Priced at around $0.17 at the time, this is when the downtrend began, leading to its current price levels.

The chart of DOGE at the moment points directly toward an upward direction, which is also where a significant number of its investors speculate it to move next. Its RSI sits at an underbought range of 42.53, with the MACD also converging again, indicating an uptrend for the token.

With a market cap exceeding $14.9 billion, the project leads the memecoin category while being placed as the 9th biggest crypto overall, according to CoinMarketCap. Across social media, there have been posts with polar views, where some analysts seem to predict a strong bullish movement for the token, while many believe that it may be due for another dump, especially given the current market conditions.

However, a report by IntoTheBlock indicated that Dogecoin wallet addresses with more than 10 billion DOGE tokens had climbed by over 50% in the last 30 days alone. This could indicate whales stocking up on the token, generally considered a bullish sign for a project, especially memecoins that are very community-centric in nature.

Crypto All-Stars Brings Dogecoin And Other Leading Memecoins Together

While Dogecoin may still be a good investment to consider for memecoin enthusiasts, its large market cap also means that returns like those enjoyed during the last bull run may be unrealistic. This is exactly why many investors seem keen on finding the next Dogecoin—a project that has a lower market cap but the potential to explode in terms of price.

Crypto All-Stars, a trending new memecoin presale, seems to be on everybody’s list, mostly thanks to its appealing website design, which features several popular memecoin mascots. Audited by two independent agencies, SolidProof and Coinsult, the project is built on the Ethereum chain and is currently in its presale phase, allowing investors to stock up on the memecoin at a discounted rate.

The project’s chief offering right now is the MemeVault, where investors can stake some of the biggest and most popular memecoins for exciting rewards in the form of STARS, the native token of the project.

Staking STARS tokens, on the other hand, will fetch the investor three times the rewards they could enjoy from the MemeVault. Naturally, this means that community members of various successful memecoins will have a chance to come together and participate in the Crypto All-Stars ecosystem while enjoying the benefits of staking on the platform.

https://www.youtube.com/watch?v=JhA2h2SdBuo

This unified staking model, being one of a kind, has garnered appreciation from the wider memecoin community, evident through multiple posts and context surrounding the project, despite it being in an early phase. Jacob Crypto Bury, a trending crypto YouTuber, also claimed that the project had the potential to shoot up in value post-launch, given its unique use case and virality element.

While Dogecoin is surely a memecoin worth holding on to, Crypto All-Stars could also be a great fit, especially for investors looking for 10x to 100x returns in a shorter time frame. Given the hype and popularity that the project has already been enjoying, such explosive growth may be possible, or so the community seems to believe.

To learn more about the project, follow their social media channels on Telegram and Twitter.

Visit Crypto All-Stars

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